Goldsikka Ltd, a digital platform that allows buying and selling of gold, has announced the launch of India’s first gold ATM in Hyderabad.
Goldsikka, which runs various schemes to promote gold as an asset class, intends to open these gold ATMs in Gulzar Houz, Abids, and Secunderabad soon, with plans to expand across the country based on the response.
Users will be able to purchase gold from the ATM, which will be certified for purity and weight, in denominations ranging from half gram coins to 100-gram bars. The company intends to sell prepaid cards that can be used to purchase gold at ATMs. Later, it will integrate various bank cards for purchase, said Sy Taruj, Goldsikka Chief Executive Officer and Promoter.
Goldsikka collaborated with Trunix Dataware LLP, a Chennai-based firm that provides software solutions for financial and banking requirements in various sectors, as well as KL Hi-Tech Secure Print, which provides secure print products and smart solutions to banks worldwide. According to him, the gold coins and bars from the ATM will have a purity certificate as well as the weight.
“Many people want to add gold as an asset class but put it off because visiting the market is time-consuming. We will strive to provide gold at the best possible price while reducing overhead costs through the use of technology. Prices will be dynamic,” he said. Each gold ATM will have a 5 kg inventory and security measures in place.
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The usual rules for purchasing gold apply here, and purchases exceeding Rs two lakh will necessitate a full KYC. All ATM sales will require two-factor authentication, which will include an OTP sent to the registered mobile numbers.
The company also runs schemes based on the amount of gold and tenure selected. At the end of these, the gold is physically delivered to the customers.
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